TORONTO, Jan. 8 /CNW/ - The Northwater Top 75 Income Trusts PLUS (the "Trust") announced today that the projected net asset value of the Trust per unit, as at December 31, 2009, is $1.11. The projected net asset value is net of the previously announced initial termination distribution of $1.00 per unit to be paid on January 15, 2009. The return of the Trust for the month of December is estimated at -22.06%. The rolling 12-month return for the Trust is approximately -8.69%.
The decrease in the value of the Trust during the month was the result of the sale of the Trust's only asset, Enhancement Fund Limited (the "Fund") which held the underlying illiquid hedge fund portfolio. Please refer to the December 30, 2009 press release of the Trust that outlines the process undertaken to liquidate the Fund to allow for the distribution of the Trust's remaining assets and ultimately the termination of the Trust. As previously announced, the Trust was scheduled to terminate on December 31, 2009 but due to the illiquidity of the underlying hedge fund portfolio, the Trust has not been able to liquidate the Fund's holdings and had been actively seeking a secondary market transaction to provide liquidity to the Trust's unitholders and ultimately terminate the Trust.
The Trust is required to distribute all of its net income and realized capital gains, so that the Trust will not be liable to pay income tax under Part I of the Income Tax Act. The Trust cannot, therefore, finalize the amount of the distribution declared until all of its net income and realized capital gains for 2009, if any, have been ascertained. It is not currently anticipated that any such special distribution will be required for 2009.
The final character of the distribution for tax purposes and the amount will be determined in accordance with the agreement establishing the Trust and in accordance with the Income Tax Act (Canada). The Trust will finalize the amount of the distribution after its results have been determined for the year ending December 31, 2009.
SOURCE NORTHWATER TOP 75 INCOME TRUSTS PLUS
For further information: For further information: Dan Mills at Northwater Capital Management Inc. at (416) 360-2101